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HomeMy WebLinkAboutCC Reso No 1992-28RESOLUTION NO. 92-28 A RESOLUTION OF INTENTION TO INCUR BONDED INDEBTEDNESS OF THE PROPOSED CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT N0.90-3 (NORTH LAKE ELSINORE HIId.S PUBLIC IMPROVENIEN'1'S) PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIE3ACT OF 1982 City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) RESOLVED by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, this City Council has this date adopted its Resolution entitled "A Resolution of Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982", stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code, for the purpose of financing certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this City Council estimates the amount required for the financing of the the Facilities to be the sum of $8,000,000; and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amount of $10,000,000. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) (the "District") in the amount of $10,000,000 to finance the Facilities. 2. The bonded indebtedness is proposed to be incurred for the purpose of financing the Facilities and the discharge of assessment liens on property within the District, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345.3 of the Act. 3. This City Council, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $10,000,000, bearing interest payable semi-annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the date of the issuance of said bonds. 4. Tuesday, June 23, 1992, at 7:00 p.m., in the regular meeting place of this City Council, in the School Board meeting room of the Lake Elsinore Unified School District, 545 Cheney Street, Lake Elsinore, California, be, and the same are hereby appointed and fixed as the time and place when and where this City Council, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the City for the District. 5. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. Said notice shall substantially in the form of Exhibit A hereto. PASSED AND ADOPTED this 12th day of May, 1992, by the following vote: AYES: COUNCILMEMBERS: ALONr,I, CHERVENY, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: NONE NO (SEAL) Attes By: _ C' y Clerk, City of ake Elsinore J847S Approved as to Form & Legality: ~~~~ JOHN R. HARPER, CI Y ATTORNEY Mayor, City of Lake Elsinore e EXIIIBIT A NOTICE OF PUBLIC HF.ARiNG CITY OF LAKE ELSINORE Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) Notice is hereby given that on May 12, 1992, the City Council of the City of Lake Elsinore adopted a Resolution entitled "A Resolution of Intention To Incur Bonded Indebtedness of the Proposed City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) Pursuant To The Mello-Roos Community Facilities Act Of 1982". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the City Council hereby gives notice as follows: A. The text of said Resolution is as follows: RESOLVED by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, this City Council has this date adopted its Resolution entitled "A Resolution of Intention to Establish a Community Facilities District and To Authorize the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982", stating its intention to form a community facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California Government Code, for the purpose of financing certain public improvements (the "Facilities"), as further provided in said Resolution; and WHEREAS, this City Council estimates the amount required for the financing of the the Facilities to be the sum of $8,000,000; and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the amount of $10,000,000. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed City of Lake Elsinore Community Facilities District No. 90-3 (North Lake Elsinore Hills Public Improvements) (the "District") in the amount of $10,000,000 to finance the Facilities. 2. The bonded indebtedness is proposed to be incurred for the purpose of financing the Facilities and the discharge of assessment liens on property within the District, including acquisition and improvement costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 53345.3 of the Act. 3. This City Council, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $10,000,000, bearing interest payable semi-annually or in such other manner as this City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the date of the issuance of said bonds.. 4. Tuesday, June 23, 1992, at 7:00 p.m., in the regular meeting place of this City Council, in the School Board meeting room of the Lake Elsinore Unified School District, 545 Cheney Street, Lake Elsinore, California, be, and the same are hereby appointed and. fixed as the time and place when and where this City Council, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the City for the District. 5. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven (7) days before the date herein set for said public hearing. Said notice shall substantially in the form of Exhibit A hereto. B. The hearing referred to in the aforesaid Resolution shall be at the time and place specified in said Resolution. C. At that time and place any person interested, including persons owning property in the area of the proposed community facilities district, will be heard upon the proposed debt issue. Dated: May __,1992 /s/ Vicki Kasad City Clerk, City of Lake Elsinore STATE OF CALIFORNIA ) COUNTV OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council of the City of Lake Elsinore at a regular meeting of said Council on the 12th day of May, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: ALONGI, CHERVENY, DOMINGUEZ, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE VICKI LYNNE SAD, 'CITY CITY OF LAKE LSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE 1 I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 92-28 of said Council, and that the same has not been amended or repealed. May 13, 1992 VICKI LYN KASAD, C Y CLERK CITY OF LA E ELSINORE (SEAL)